Property of one of closed banks in Azerbaijan to be put on sale
By Trend
The first auctions on the sale of the property of the closed Bank Standard will be held in November-December.
Deputy Chairman of the Board of the Azerbaijan Deposit Insurance Fund (ADIF) Vugar Abdullayev announced about this at a meeting with the bank's creditors.
Abdullayev said the auctions will be open to everyone, including the bank's creditors.
The bank's liabilities are 1.2 billion manat, and assets are estimated at 800 million manat.
"In this regard, the bank will not be able to repay all its obligations, but the solution to the problem can be turning to the judicial authorities with a complaint against the founders of the bank and the return of the remaining funds in this way," chairman of the creditors committee, lawyer Akram Hasanov said.
So far, ADIF has paid compensation for insured deposits of the bank amounting to 437.75 million manat (99.2 percent of all insured deposits of the bank).
On November 21, Bank Standard's creditors meet with the ADIF management in Baku. The agenda of the meeting included three issues: a meeting with the leadership of the fund, progress on the liquidation of the bank and forthcoming work.
The license of Bank Standard was revoked on Oct. 1, 2016, and on Oct.4 the bank was declared bankrupt. Over this period, depositors were paid more than 430 million manat compensation.
Bank Standard was founded in 1995. It was one of the largest private commercial banks in Azerbaijan and was one of the market leaders in terms of deposits.
(1.7002 manats = 1 USD on November 22)
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